AVJennings (AVJ)

Residential developer
AVJennings
has turned in a wobbly performance on the sharemarket over the past week, despite delivering a solid full-year result. Having offloaded its unprofitable contract building division last year to Japanese building Sekisui House, AVJennings has managed to turn its fortunes around, with net profit jumping 34.1 per cent to $12.9 million. The group’s revenues were lower over the year compared to 2010, but its increased margins helped boost the result. Looking ahead, the residential developer flagged its concerns about a difficult housing market and chief executive
Peter Summers
said he expected a recovery in the 2013 financial year. The company signalled that it was considering partnerships to drive development activity in a weak market. AVJennings also noted that Victoria’s residential market was likely to come off its highs while Adelaide and NSW markets would remain stable. Lisa Carapiet